Property index rises by 3 per cent in Q4
Bangalore topped the chart of the11 city index at seven per cent increase followed by Gurgaon and Noida at five per cent. Mumbai and Kolkata registered a rise of four per cent each while Delhi and Ghaziabad saw a rise of three per cent each in the city index values.
Indicating a resurgence of the real estate market, the MagicBricks.com National Property Index (NPI) rose by three per cent in the January to March 2013 quarter. The NPI is a weighted average of city indices. The growth was tracked by PropIndex, a quarterly report which is based on dynamic data mined from the portal, to show the levels of supply and the type of property listed in each locality, in 11 cities across the country. These are cleaned with complex algorithms to remove outliers and arrive at the index values at locality, city and national levels.
Among the 11 cities tracked in the apartment index, eight have seen a rise but others registered a marginal drop in the city index. While Bangalore, Gurgaon, Noida, Mumbai, Kolkata, Delhi, Pune and Ghaziabad witnessed a rise in city index values, Chennai, Hyderabad and Ahmedabad recorded a 2-6 per cent drop during the quarter.
Bangalore topped the chart of the 11 city index with a 7 per cent increase followed by Gurgaon and Noida at 5 per cent rise each. Mumbai and Kolkata registered a rise of 4 per cent each while Delhi, Pune and Ghaziabad saw a rise of 3 per cent each in the city index values. Developers attribute the growth in Bangalore to increasing buyer confidence due to improved scenario in the IT sector. Upward price trends in 75 per cent localities of the city too pushed up the price monitor.
The Gurgaon and Noida index rose 5 per cent each during the January-March 2013 quarter. The upcoming sectors in Gurgaon undergoing a change in landscape with the development of residences, offices, commercial shops, recorded an appreciation of property prices. In Noida, the rise in average property prices in 89 per cent localities, led to a spurt in the listed price monitor. Sector 50, 62 and 61 remained the most preferred locality for consumers in this category, for buying and renting.
The Mumbai and Kolkata index rose 4 per cent each during the same quarter. Multi-storeyed apartments of 1-BHK units, continued to be most in demand, especially in Thane. Buyers’ budget preference analysis showed that property in the Rs 50-100 lakh range topped the consumer demand chart. In Kolkata, 63 per cent localities across the city witnessed positive trend in capital values.
The Delhi index registered a rise in index value by 3 per cent quarter-on- quarter in the past nine months. The listed price monitor showed that close to 59 per cent localities in the city witnessed an uptrend in average capital values. The Pune city index registered a 3 per cent growth rate quarter-on-quarter in the past six months. Most areas in the city witnessed an uptrend.
The Ghaziabad index witnessed a 3 per cent increase. Indirapuram, Raj Nagar Extension and Crossings Republik witnessed maximum buyer interest and remained the most active areas in the last six months.
The Ahmedabad city index recorded 2 per cent drop in the January-March 2013 quarter. Multi-storeyed apartments, especially 2-BHK units in the price range of Rs 20-30 lakh continued to witness maximum consumer demand.
The Chennai property index dropped by 6 per cent during the January-March 2013 quarter as compared to the previous quarter. The Chennai listed price monitor too reported a fall, primarily due to an oversupply in certain localities. The Hyderabad city index fell 3 per cent during the same quarter. In the last one year, the city has not witnessed any major expansion of IT/MNCs. There has been cautious buying by the existing IT population.
Key findings of PropIndex
• Residential property in the Rs 30-50 lakh range continued to top the consumer demand chart by (23 per cent).
• Premium residential properties in the Rs 2 crore and above range, witnessed healthy buyer interest (13 per cent).
• In spite of a cautious approach among buyers, listings price continued to remain up.
• Six out of 11 cities witnessed over 50 per cent demand for 2-BHK units.
Posted on April 30, 2013, in Real Estate and tagged Buy Flats In Greater Noida, Real Estate Developers in Delhi NCR, Real Estate Groups in India, Residential Flats in Ghaziabad. Bookmark the permalink. 5 Comments.